If a company fails to receive minimum subscription within 120 days from the date of issue of the prospectus. In how many days should company refund the amount of application money from the date of Issue of Prospectus ?
(
This question was previously asked in
Shift 30/05/2023 8:30 AM - 10:30 AM
A
150 days
B
230 days
C
130 days
D
120 days
Correct Answer
130 days
Detailed Explanation
In case a company fails to receive the minimum subscription within 120 days from the date of the issue of the prospectus, the company is required to refund the entire application money to the applicants within 130 days from the date of the issue of the prospectus.
So, the correct answer is:
(3) 130 days
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